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Reliance sells mobile mast arm

Reliance Communications has sold its mobile mast arm in one of the biggest mergers seen in India. The deal marks the Indian billionaire Anil Ambani’s emergence from a family feud with his elder brother Mukesh. Anil Ambani’s mast business, Reliance Infratel, will be merged into GTL Infrastructure, India’s largest independent mobile tower operator. Mukesh Ambani’s group, Reliance Industries, held a right of first refusal over any sale, under an agreement brokered when the brothers divided their late father’s business empire between them in 2005. The companies did not disclose the terms of the “transformational deal” that they have approved in principle but said the combined tower business would be worth more than $11bn (£7.3bn).